Sanctions updates/12 Sep 2014

SANCTIONS UPDATE – EU Sanctions Escalate Further

Following yesterday’s emergency video teleconference between leaders of key EU states, new EU sanctions against Russia come into force today. In summary these latest sanctions include the following measures:

  • Restrictions on Russia’s access to EU capital markets. Measures include the banning of loans to five of Russia’s major state-owned banks and financing restrictions in relation to certain Russia companies in the military and oil sectors.
  • A ban on the provision of certain services related to oil exploration and production, for example drilling and well testing.
  • The ban on the export of dual use goods has been strengthened further to cover a list of nine defence companies that must not receive dual use goods from the EU.
  • 24 individuals have been added to the list of blacklisted officials meaning that they are subject to visa bans and asset freezes.

The rapidly changing situation and complexity of the sanctions means very little official guidance is available for international companies attempting to navigate the sanctions. For advice regarding the legal implications of the sanctions and how to manage your companies’ liabilities effectively please contact Ulla von Weissenberg or Markus Kokko for further information.

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